Homeowners insurance, not all policies are created equal!

When it comes to homeowners insurance, not all policies are created equal. And that’s important to remember when it comes to protecting what could very well be your biggest asset. Check out the list below to see what you need in homeowners insurance.

HomeownersWhen it comes to homeowners insurance, not all policies are created equal. And that’s important to remember when it comes to protecting what could very well be your biggest asset.

Check out the list below to see what you need in homeowners insurance.

  1. The right limit: Saving a few dollars is not worth the risk of finding out you don’t have enough insurance at the time of a total loss. Remember that a home improvement project can increase the value of your home. Let your insurer know so they can adjust the limit if necessary.
  1. Guaranteed replacement cost: Not every company offers guaranteed replacement cost. Actual Cash Value policies take depreciation into account which means you get less money when you have a claim. With Erie’s Guaranteed Replacement Cost policy, you can have the peace of mind of knowing that you can rebuild your home after a major loss once you’ve repaired or replaced the damaged property.
  1. Enough liability coverage: The liability coverage on your homeowner’s policy protects your assets if someone gets hurt on your property. Lawsuits are very common these days and they could wipe you out financially. That’s why we recommend having at least $500,000 of liability coverage. For even better coverage, consider a Personal Catastrophe Liability policy, which adds an extra $1 to $5 million of coverage to your homeowners as well as your auto insurance.
  1. Loss of use: What happens if your home is a total loss or uninhabitable after a covered loss? Who will pay for the extra expenses you would have? Loss of use coverage offers you reimbursement for costs to stay at a hotel or rent an apartment in the event of a covered loss.
  1. Endorsements that let you customize your coverage: You can add earthquake coverage, backup of sewer and drain, scheduled property (for high valued items,) Identity Recovery and many other endorsements to customize your coverage to your particular needs. Flood coverage may be important for you, too. That coverage is offered as a separate policy.
  1. A reliable deductible: When you have a claim is a bad time to learn that your deductible isn’t the dollar amount you chose, but rather a percentage of the limit on your policy. Named-storm percentage deductibles are almost always higher than dollar-amount deductibles—and sometimes significantly so. Unlike many carriers, ERIE’s named-storm deductible is a specific dollar. You even have the option of choosing different dollar-amount deductibles for different causes of loss, which can save you money.
  1. The backing of a financially sound company: Before you have a claim, you want to make sure your insurance company can pay it. You can find out if your company is financially sound by checking the rankings from Ward and A.M. Best that are released each year. In addition to earning an A+ rating from A.M. Best and ranking among Ward’s Top 50 performing property/casualty insurers, ERIE also earned kudos for being among America’s 50 most trustworthy financial institutions.
  1. A knowledgeable local insurance agent: Insurance can be complicated. Work with an agent you trust to help you understand your insurance and make sure you have the coverage you need.

For more information, give us a call:
The Agent Insurance Services
330-758-3339

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